Wintermute: Bitcoin Not Yet Bottomed Amid Attractive Risk-Reward Setup

Crypto market maker Wintermute says Bitcoin has yet to reach its bottom, despite recent price fluctuations. The firm's weekly report notes that risk appetite has recovered amid developments such as a US-Iran ceasefire, but this is not enough to confirm a turning point in the market.

The low-$60,000 range currently offers an attractive risk-reward setup for Bitcoin, according to Wintermute. However, a drop into the $50,000 range cannot be ruled out before conditions improve.

Wintermute emphasizes that capital flows deserve close attention, particularly inflows into spot ETFs and stablecoins. The turning point in the previous cycle coincided with steady growth in these inflows, which have not yet appeared this time around.